Timothy's gross pay for this month is $8,950
His gross year-to-date pay, prior to this month, totaled $112,000. What is the amount of FICA tax withheld from Timothy's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $117,000 earnings, and a Medicare rate of 1.45%, applicable on all earnings.)
A) $310.00
B) $129.78
C) $439.78
D) $554.90
C .FICA
OASDI Medicare
Earnings subject to tax $117,000 No Max
Less: Earnings prior to current month 112,000 -
Current pay subject to tax 5,000 8,950
Tax rate x 6.2% x 1.45%
Tax to be withheld from pay-check 310.00 129.78
Total FICA withheld ($310.00 + $129.78 ) $439.78
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